登录新浪财经APP 搜索【信披】查看更多考评等级 1．重要提示 1.1本公司董事会及董事保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带责任。 1.2本公司未有董事对年度报告内容的真实性、准确性、完整性无法保证或存在异议。 1.3公司独立董事刘普、戴维声明：保证年度报告内容的真实性、准确性、完整性。 1.4执行本公司审计的会计师事务所对公司出具无保留意见的审计报告。 1.5公司董事长吴映江、总经理及财务负责人徐永乐声明：保证本年度财务报告的真实、完整。 2．公司概况 2020年8月11日，经中国银保监会新疆监管局批复同意，天瑞集团股份有限公司（以下简称"天瑞集 团"）受让了兵团国资所持有长城信托35%的股权，并于8月27日办理完成了相关工商变更登记。 2.1.1公司法定名称 公司中文名称：长城新盛信托有限责任公司； 公司英文名称：GREATWALL XINSHENG TRUST CO.，LTD.； 2.1公司简介 长城新盛信托有限责任公司（以下简称"长城信托"）是在重组原伊犁哈萨克自治州信托投资公司基础上 设立。伊犁哈萨克自治州信托投资公司设立于 ...

Core Viewpoint - The report highlights Shanghai International Trust Co., Ltd.'s commitment to high-quality development, innovation in financial services, and robust risk management practices in a challenging economic environment. Company Overview - Shanghai International Trust Co., Ltd. was established in 1981 with a registered capital of RMB 5 billion, focusing on product innovation and various financial services [2][3]. - The company has received high credit ratings from Moody's (Baa2) and S&P (BBB-) and has been recognized as a systemically important trust company in China [1][2]. Governance Structure - The company has a well-defined governance structure with a board of directors and supervisory board, ensuring accountability and compliance with regulatory standards [5][6]. - The seventh board of directors was elected on December 9, 2024, with Zhang Baoquan appointed as the chairman [5][6]. Business Strategy - The company aims to adapt to economic changes by enhancing its trust functions, implementing a digital strategy, and fostering collaboration with Shanghai Pudong Development Bank [8][9]. - The strategic plan focuses on developing asset management and wealth management services while optimizing business structures and enhancing risk management [9][10]. Main Business Operations - The primary business operations include trust services and proprietary business, with various trust products such as financial product trusts, real estate financial trusts, and equity investment trusts [10][11]. - The proprietary business encompasses fixed income, equity investments, and securities investments, targeting growth sectors like high-end manufacturing and digital economy [13]. Market Analysis - In 2024, China's GDP is projected to grow by 5.0%, with industrial output and fixed asset investment showing positive trends despite challenges in the real estate sector [16]. - The trust industry is experiencing steady growth, with total trust assets reaching RMB 27 trillion by Q2 2024, reflecting a continuous upward trend [17]. Risk Management - The company employs a comprehensive risk management framework addressing credit, market, operational, and other risks, ensuring effective monitoring and mitigation strategies [25][27][28]. - Specific measures include project review meetings for credit risk, market risk management through asset valuation, and operational risk management via standardized procedures [26][27][28]. Corporate Social Responsibility - The company actively engages in social responsibility initiatives, supporting small and micro enterprises, environmental protection, and community development, with a focus on green finance [35]. - As of the end of 2024, the company has provided approximately RMB 5.5 billion in services to the real economy, with significant investments in the Yangtze River Delta region [35].

Core Viewpoint - The article discusses the differences between insurance trust and family trust, highlighting the decreasing thresholds for establishing insurance trusts by insurance companies, making them more accessible to consumers [1][3][10]. Group 1: Definitions and Differences - Insurance trust is defined as a trust established by a trust company based on life insurance contracts and related rights, while family trust focuses on wealth protection and management for families [1][3]. - Family trusts require a minimum asset value of 10 million yuan, whereas insurance trusts can be established with lower thresholds, some as low as 1 million yuan [3][9]. - The main difference lies in the funding sources and the regulatory requirements, with family trusts typically funded by cash and insurance trusts linked to insurance policies [3][11]. Group 2: Trust Models - There are three main models of insurance trusts: 1.0, 2.0, and 3.0, each with varying levels of complexity and risk management [4][7]. - The 1.0 model involves the policyholder and the insured being the same person, while the 2.0 model changes both to the trust company, enhancing asset independence [5][7]. - The 3.0 model simplifies the process by allowing the family trust to directly instruct the trust company to purchase insurance, but it requires higher professional standards from institutions [7][9]. Group 3: Market Trends and Growth - The first insurance trust in mainland China was launched in 2014, and the market has seen significant growth since then [8][9]. - In January 2023, the new insurance trust scale reached 8.974 billion yuan, a 67.05% increase from the previous month [9]. - By mid-2024, the scale of new insurance trusts is expected to reach 40 billion yuan, indicating a growing trend in the market [9]. Group 4: Consumer Considerations - The complexity of insurance trusts requires consumers to seek legal assistance to ensure compliance and avoid potential pitfalls [11]. - The current promotional efforts by insurance companies aim to attract consumers by lowering the establishment thresholds for insurance trusts [10][11].

Group 1: Energy Business Strategy - The company aims to balance traditional coal power and new energy investments, leveraging regional advantages in Jiangsu and Shanxi for new energy projects [1] - The energy business focuses on technological innovation and efficient utilization of existing assets, with plans to develop significant energy projects [2][3] Group 2: Financial Performance - In 2024, the company achieved total operating revenue of CNY 36.933 billion, a year-on-year increase of 6.83%, and a net profit of CNY 3.238 billion, up 73.12% [2] - For Q1 2025, the net profit attributable to shareholders reached CNY 0.864 billion, reflecting an 11.01% increase [2] Group 3: Future Growth Drivers - The company plans to launch five new 1-million-kilowatt units in 2025, enhancing its energy production capacity [2][5] - Continuous investment in technology upgrades and innovation is expected to improve core competitiveness and market share [2][3] Group 4: Industry Position and Outlook - The company maintains a strong position in the energy and finance sectors, benefiting from its geographical and technological advantages [3] - The energy sector is undergoing significant transformation driven by carbon neutrality goals, with coal power remaining a key player in energy supply [4] Group 5: Environmental and Social Responsibility - The company has completed ultra-low emission upgrades for its power plants, ensuring compliance with national standards for pollutant emissions [6] - A new safety and environmental supervision department was established in 2025 to enhance professional management of safety and environmental issues [6]

Core Viewpoint - Ping An Trust reported a decline in both revenue and net profit for 2024, with a strategic shift following leadership changes aimed at maximizing long-term value and focusing on core trust operations [1][4]. Group 1: Financial Performance - In 2024, Ping An Trust achieved operating revenue of 14.148 billion yuan, net commission income of 9.681 billion yuan, and net profit of 3.421 billion yuan, all showing a year-on-year decline [1]. - The asset management scale reached 993 billion yuan, reflecting a year-on-year growth of 49.88% [2]. Group 2: Business Segmentation - The asset service trust business scale was 273.545 billion yuan, while the asset management trust business scale was 715.6 billion yuan, and public welfare and other trusts accounted for 3.813 billion yuan [2]. - Wealth service trust business saw an overall increase of over 53 billion yuan, capturing nearly 20% of the market share [2]. - The securities investment trust business exceeded 590 billion yuan, with an annual growth rate of 84% [2]. Group 3: Strategic Adjustments - Following leadership changes, the company implemented a new strategy focused on "returning to the essence of trust" and emphasized risk mitigation and compliance [1][5]. - The company aims to exit personal investor financing business and optimize internal control management [5]. Group 4: Challenges and Industry Context - The workforce reduced from 872 employees in 2021 to 309 in 2024, reflecting a broader trend in the trust industry where total employees decreased from 22,387 in 2021 to 17,563 in 2023 [4][6]. - The company faced 86 new complaints related to natural persons, primarily concerning real estate trust products, indicating ongoing challenges in this sector [4]. - The industry is experiencing pressure from insufficient economic demand, challenges in transitioning to sustainable profit models, and increased regulatory scrutiny [6].

在践行社会责任上，国民信托多维度发力。科技赋能方面，公司自主研发破产重整服务信托专项系统， 实现企业破产重整信托服务全线上化操作；联合推出"预付宝"预付资金监管系统，构建一站式便捷预付 资金监管新生态；精准滴灌普惠民生，全年为1963万人次提供普惠金融服务。 巩固风险处置服务处于信托行业标杆地位。截至报告期末，公司存续风险处置服务信托项目21个，位居 行业第一梯队。年内成功落地5笔风险处置服务信托，规模51.37亿元，助力2家上市公司完成重整方案 实施。 稳健推动财富管理业务发展。公司家族信托规模突破百亿大关，存续项目61个，管理规模达106.14亿 元，覆盖高净值客户财富传承、资产配置等多元化需求。同时，依托保险金信托2.0模式，深度融合"保 险+信托"优势，进一步拓展财富管理服务边界。 在风控方面，国民信托筑牢防线，各项核心风险监管指标全面优于行业标准。公司净资本/各项业务风 险资本之和达173.56%，超监管要求73.56个百分点；净资本/净资产为77.3%，超出37.3个百分点；不良 资产拨备计提覆盖率100%，不良率为0。报告期内，公司向投资者分配信托利益53亿元，清算310个项 目，加权平均收益率 ...

Core Insights - In 2024, the company achieved total operating revenue of 824 million yuan, a decrease of 105 million yuan compared to 2023, while net profit slightly increased to 385 million yuan from 383 million yuan in 2023 [1] - The trust business is undergoing a transformation, with a significant increase in the proportion of asset service trust business, while traditional financing business has rebounded against the trend, and securities market investment business has seen a substantial decline [1] Group 1: Trust Asset Management - As of the end of 2024, the total trust assets under management amounted to 2,433.93 billion yuan, a decrease of 61.16 billion yuan from 2,495.09 billion yuan in 2023 [2] - Asset service trusts accounted for 62% of the total trust assets managed by the company [2] - The distribution of trust assets in 2024 was as follows: basic industries at 156.07 billion yuan (6.41%), real estate at 143.34 billion yuan (5.89%), and securities market at 407.46 billion yuan (16.74%) [2] Group 2: Business Transformation and Innovation - In 2024, the company established five risk disposal service trust projects with a total amount of 5.137 billion yuan and four insurance trust projects totaling 4.3631 million yuan [3] - The company has 61 active family trust projects with a total scale of 10.614 billion yuan and 21 active risk disposal service trust projects with a scale of 55.42 billion yuan, ranking in the top tier of the trust industry [3] - The company is focusing on business differentiation and optimizing its business structure, particularly in the areas of corporate bankruptcy restructuring and family trusts [3] Group 3: Sector Performance - Traditional basic industry and real estate trust businesses have seen a rebound, while securities market investment trust business has significantly declined [4] - From 2020 to 2024, the scale of basic industry trusts increased from 20.043 billion yuan to 15.607 billion yuan, marking a new high in both scale and proportion [4] - Real estate trust business also increased from 9.854 billion yuan in 2023 to 14.334 billion yuan in 2024, surpassing the previous two years [4] Group 4: Securities Market Trust Business - The scale of securities market trust business decreased from 56.022 billion yuan in 2023 to 40.746 billion yuan in 2024, continuing a downward trend for three consecutive years [5] - The proportion of securities market trust business has also declined from 22.45% in 2023 to 16.74% in 2024 [5] Group 5: Trust Business Structure Changes - In 2024, the scale of single fund trusts significantly decreased, while the scale of property rights trusts increased [6] - The scale of collective trust funds rose from 87.757 billion yuan to 95.234 billion yuan, while single trust scale dropped from 95.882 billion yuan to 70.477 billion yuan [6] - Active management of securities investment trusts saw a decline of 44.92%, while active management of financing trusts increased by 142.83% [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中审众环会计师事务所(特殊普通合伙)审计，五矿资本母公司2024年实现净利润68,563.41万元，减去 提取法定盈余公积金6,856.34万元，加上母公司期初未分配利润101,156.95万元,减去报告期内分配的利 润113,770.40万元（包括本年度支付的优先股股息、2023年年度利润分配以及2024年度中期利润分 配），本年度母公司可供分配利润为49,093.62万元。2024年中期公司已对外分配普通股股利1.71亿元， 占2024年度归属于上 ...

敬请投资者注意，受复活节假期影响，港股、欧洲股市和澳大利亚股市本周一休市。 特朗普列举8项非关税"作弊"手段，点名日本和欧盟，手段包括1.汇率操纵，2.增值税作为关税和出口补 贴，3.低于成本倾销，4.出口补贴和其他政府补贴，5.农业保护性标准（如欧盟禁止转基因玉米），6.防 护技术标准（如日本保龄球试验），7.假冒、盗版和知识产权盗窃（年损失超过1万亿美元），8.转运避 税。 中航信托宣布由建信信托、国投泰康信托来进行日常托管。虽然还没有正式官宣暴雷，但这个上百亿规 模的央企信托已经实质上雷了，之前多款面向社会投资者的信托产品已经停止兑付。中航信托之所以暴 雷，是因为之前重仓投资了房地产，恒大、融创、红星美凯龙的坑他们都踩了。另外有媒体报道，他们 在暴雷前曾经给内部员工进行提前兑付。目前，中航信托还有超过500亿的产品没有兑付。 A股方面，沪指上周累计涨1.19%、深成指跌0.54%、创业板指跌0.64%。市场持续缩量，周五创去 年"924"行情爆发以来新低。银行、房地产、综合、煤炭等板块逆市上涨，国防军工、农林牧渔、计算 机等板块跌幅居前。 港股方面，恒指上周累计涨2.3%，国指涨1.23%，恒生科技指数 ...

明天又要开盘，说回行情，先从周五的尾盘开始讲。 国家队又一次在收盘前出手护盘，比较明显的标的还是华夏沪深300etf（代码510330），分时线很明显的看到最后10分钟买了将近40亿，本来靠着这笔资 金可以把上证指数从-0.3%抬到红盘，但这次遇到了一些小意外，最后3分钟突然汹涌而出大量卖盘，把大盘又砸回去了一些，导致最终收盘的时候上证指 数绿了，下跌0.11%。 再细节一点，就是关注510330的交易量，突然来了连续的大额买单，就跟着一起买，快收盘了赶紧抛。这么干的人多了，波动就会放大，包括最后三分钟 的回落幅度也比以前大，因为这种搞偷鸡的资金不愿意持仓过夜去承担额外的风险。 总之上证指数的8连涨在一片混乱中被终止，那跌了有什么不良后果吗？其实也没有，就是宣传上不好说贸易战之后中国股市每天都涨了，这种不必要的 包袱早点卸下了也好。 你们看周五的成交量，都缩到9100亿，没眼看了，这种僵尸行情真就是浪费时间，表面上每天尾盘拉升mini涨，其实市场并不认可指数的有效性，纷纷离 场观望。总不能贸易战一天没打完，大盘就一直立正罚站吧。 反正我是无所谓的，现在年化贴水率挺高，哪怕一直僵硬到年底也不白给，就这么耗着好了 ...